Early reports suggest that the update has indeed resolved those issues in iOS 5 as promised. However iOS 5.0.1 is going to be tethered since Apple has fixed the iOS bug discovered by Charlie Miller in this update. In case you don`t remember, tethered jailbreak means you`ll have to connect your device to the PC every time you reboot. That`s why if you`re planning to jailbreak your iDevice, don`t update to that version.
Here`s how you jailbreak iOS 5.0.1:
Step 1: Download the latest version of iTunes (10.5) for Windows or Mac.
Step 2: Back your iDevice up through iTunes. We’re not expecting anything to go majorly wrong – it’s just a precautionary measure.
Step 3: Update your device to iOS 5.0.1.
Step 4: Download the latest version of Redsn0w for Windows or Mac.
Step 5: Run Redsn0w. Select “Extras”, followed by “Select IPSW”, and point it to the iOS 5.0 firmware file, Select the appropriate firmware file tailored for your iDevice.
STEP 8: Now head to Cydia then search for “SemiTether†and install the tool:
NOTE: The last step about SemiTether is optional for users. It will allow you to reboot your device without need to a computer to connect to. You’ll lose some functions like opening mail and almost all jailbreak tweaks. You can read more here.